The overall cryptocurrency trading volume fell once again over the weekend. This situation on weekends is a model that many crypto traders take into account when analyzing the graphics. In the Ethereum (ETH) specific, the trading volume has decreased slightly, but there is a sense of optimism as will be described in detail below.
Golden Cross Formation in Ethereum (ETH)
Looking at the 1-day chart of ETH / USDT, Golden Cross formation will stand out. This occurrence occurs when the 50-day (white) Moving Average exceeds the 200-day (green) Moving Average. The chart below shows the formation of Golden Cross better in ETH.
How High Can Golden Cross Ethereum Raise
The ETH / USDT chart shows a number of occurrences for Ethereum:
- The 100-day moving average (yellow) provides around $ 192 sufficient support for ETH.
- This value is close to the $ 0.236 Fibonacci recovery level of $ 195 and also provides support.
- The 200-day moving average (green) is a crucial level to monitor Ethereum before ETH 2.0.
- The 200-day moving average supports around $ 174.
- Other potential support areas are $ 158 and $ 141.
- The trading volume is green and the MACD has the potential to move horizontally.
- Resistances are $ 206, $ 211, $ 215, $ 219 and $ 228.
Summit Target for Ethereum
The stated $ 228 resistance zone is a difficult area for Ethereum before the ETH 2.0 launch in July. The Golden Cross on the daily chart can provide the rising momentum required for Ethereum to break this level before launching in the third quarter of 2020.
In addition, the speculation that VISA can use Ethereum as the preferred Blockchain network for the digital fiat currency can provide additional bullish momentum for ETH in the coming days or weeks.
As with all technical analysis, investors and traders are advised to apply risk management techniques such as stop loss.